Before doing a system restore,you can try to assign a drive letter through COMMAND PROMPT using DISKPART.
It is a part of Windows operating system and it's perfect for these kind of situations...
If that didn't work,some people had success by going in DEVICE MANAGER and uninstalling all USB drivers.After that restart the computer,wait for all USB drivers to reinstall again and then plug the drive in the PC and the driver for it should also be reinstalled and that could fix the issue.
But try the DISKPART first!
So:
Try using diskpart to assign a drive letter to Disk #0, Partition #1. · Open CMD > type diskpart
· Once diskpart loads type list volume, press enter
You should notice that you will see your partition that you use for your data, it should not show a drive letter assigned to it.
· Type select volume 6(replace 6 with the volume number assigned to the partition in question)
· Type assign letter Z (replace Z with the letter that you want to assign to it)
When you look in Computer, you should be able to see your partition.
Also as a precaution,you can access all your data using live Linux Ubuntu CD to copy all your data to a safe place and then just erase that entire HDD using KILL DISK and then recreate the partition in Disk Management again.